JLL Capital Markets arranged a $71.96 million refinancing package for The Hazel, a newly completed, 201-unit luxury apartment community located in the Bergen-Lafayette neighborhood of Jersey City.
JLL represented the developers, a partnership between Alpine Residential and Fields Grade, in securing a five-year, fixed-rate balance sheet loan through Truist Bank.
The Hazel, located at 89 Monitor St., recently completed its second phase in late 2024. The seven-story mid-rise community features 190 market-rate and 11 affordable units, offering a mix of studios, one-, and two-bedroom floorplans.
The successful refinancing demonstrates the continued investment strength of the Jersey City multifamily market, which benefits from its exceptional connectivity to Manhattan. The property sits adjacent to the Liberty State Park Light Rail station and is a short distance from both the Grove Street and Exchange Place PATH stations, allowing residents to reach New York City’s major transit hubs in under 30 minutes.
“The successful refinancing of The Hazel demonstrates the continued strength of the Jersey City multifamily market,” Thomas Didio Jr., managing director at JLL Capital Markets said. “The property’s strategic location near Liberty State Park and excellent transit connectivity to Manhattan make it an exceptional investment in one of New Jersey’s most dynamic markets.”
The Jersey City Waterfront Multifamily Submarket has seen significant growth, absorbing 10,920 units since 2018 while average asking rents increased 28 percent during that period, from $3,400 to $4,350.
The Hazel features a comprehensive amenity package designed for a modern, high-end lifestyle, including:
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A sky lounge with sweeping views of New York Harbor.
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A rooftop pool and outdoor mist station.
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A state-of-the-art fitness center and co-working space.
In addition to residential units, the property includes approximately 9,588 square feet of commercial space, currently housing a delicatessen, fitness professional, childcare provider, and package service.
The JLL Capital Market’s Debt Advisory team was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Associate Michael Mataras, and Analyst Tyler Caricato.
